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Viacom 4th-Quarter Net Tumbled 97%
As Previous Year Included Large Gain

a Wall Street Journal Staff Reporter

Updated Feb. 26, 1999 12:36 a.m. ET

Viacom Inc. reported that fourth-quarter net income fell 97%, largely because the year-earlier period included a big one-time gain from an asset sale. The company also posted strong increases in cash flow across its cable networks, Hollywood studio and video-rental unit.

The New York-based entertainment giant, which owns Paramount Pictures and Blockbuster Entertainment, also announced a 2-for-1 stock split in the form of a dividend payable March 31 to holders of record March 15. The split would increase Viacom's common...